https://www.taxtmi.com/caselaws?id=291545 The court held that the debt could not be treated as a bad debt for income tax purposes in the assessment year due to the actions taken in 1930, where the debtor's liability was wiped out. The absence of interest reporting by the assessee further supported this decision, indicating a lack of intention to claim the debt as a liability for income tax purposes. The judgment emphasized that the debt was not actively considered a liability by the assessee, leading to the conclusion that it could not be treated as a bad debt in the assessment year. en-us Fri, 29 Apr 1938 00:00:00 +0530 Tue, 17 Nov 2020 12:59:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291545 The court held that the debt could not be treated as a bad debt for income tax purposes in the assessment year due to the actions taken in 1930, where the debtor's liability was wiped out. The absence of interest reporting by the assessee further supported this decision, indicating a lack of intention to claim the debt as a liability for income tax purposes. The judgment emphasized that the debt was not actively considered a liability by the assessee, leading to the conclusion that it could not be treated as a bad debt in the assessment year. Case-Laws Income Tax Fri, 29 Apr 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291545